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Annual Report 2019-2020 THE MASTERS OF INDIAN ROADS India’s Largest Tyre Manufacturer ANNUAL REPORT 2019-20 CONTENT PAGE PAGE 1. CHAIRMAN’S MESSAGE 1 10. CORPORATE GOVERNANCE 39 2. NEW PRODUC T LAUNCHE S 2 11. BUSINESS RESPONSIBILITY REPORT 54 3. PASSENGER CAR TYRES 3 12. AUDITOR’S REPORT 60 4. MRF MUSCLEZONE 4 13. BALANCE SHEET 68 5. PAINTS & COATINGS 5 14. STATEMENT OF PROFIT AND LOSS 69 6. RACING AHEAD 6-7 15. SOCE AND CASH FLOW STATEMENT 70 7. BOARD OF DIRECTORS 8 16. NOTES FORMING PART OF THE FINANCIAL STATEMENTS 75 8. BOARD’S REPORT 9 17. CONSOLIDATED FINANCIAL STATEMENTS 121 9. MANAGEMENT DISCUSSION AND ANALYSIS 35 18. FORM AOC-1 176 CHAIRMAN’S MESSAGE Dear Shareholders, We are passing through the most disruptive and uncertain times in modern human history. The world is enveloped by Covid-19 and no country is free from this pandemic and the resultant economic crisis has aggravated the global community’s hardship. However, I have no doubt India and the world economy will emerge stronger and bounce back quickly and I also strongly believe that every adversity presents multiple new opportunities. The work culture has changed dramatically across all industries. The tyre industry is also riding this wave of change. It has been two months since the Government lifted the lockdown and we are still finding our way to establishing economic levels of production. We have had to deal with Covid-19 cases in our manufacturing plants from time to time and this has affected our production momentum. Fortunately, the demand for tyres, particularly from the Farm and Commercial Sector has not been affected much and we are able to cater to these market segments. The Government’s initiative, prohibiting the import of tyres is a welcome relief, as it will definitely alleviate our problem to a great extent. The forecast of a normal monsoon and its timely onset has boosted the expectations of a bumper crop output and this augurs well for the rural economy. This can strengthen rural income and demand, which will see a spurt in demand for two-wheelers and tractors. Thus, a recovery in the rural economy will be a relief to the Indian tyre industry. Currently, the automobile industry is also passing through tough times as the demand for four wheelers and two wheelers is at an unprecedented low. The industry has moved to BS VI vehicles which are slowly getting absorbed in the market. We are expecting to see a fair growth in demand for vehicles, and I am sure that the automobile industry will come out of this slump with reasonable growth in the near future. MRF has registered a total income of Rs.16322 Crores for the year ended 31st March 2020. This year marks the 33rd year since your Company has become the market leader in India. MRF is focused on strengthening its position through this period of uncertainty with uncompromising emphasis on quality, as it has been one of the major factors helping us take a leadership position in the industry in almost all the segments of the market. We will continue to pursue this path so that MRF Tyres always remains every customer’s first choice. I would like to thank the shareholders, investors, Central and State Governments, lenders, suppliers and customers for their consistent and resolute support. I thank all my colleagues on the Board for guiding the company during this crucial phase with their insights, support and encouragement. Please keep safe and stay healthy. Best wishes. K.M. MAMMEN Chairman & Managing Director 1 ANNUAL REPORT 2019-2020 1953_MRF Annual Report 2020: w9 x 7 inch NEW PRODUCT LAUNCHES MRF STEEL MUSCLE S3C8 PLUS 11.00 R 20 The Construction Trucks which are predominantly on overloads TRUCK RADIALS are shifting gradually to the size 11 x 20 from the existing 10 x 20. Since most of these operations are more on off-road applications, MRF has released a new tyre for this application which has gained traction in the market. MRF NYLOGRIP EZEERIDE TWO WHEELER TYRES MRF Nylogrip Ezeeride is a premium street pattern tyre for motorcycles and has been introduced in 13 sizes covering a wide range of motorcycles for front and rear fitments in tube type and tubeless variants. MRF SHAKTI LIFE N4 The 8.00-16 size MRF Shakti Life N4 is a front fitment tyre used in 4-wheel drive tractors with low HP (<25hp). These FARM TYRES smaller HP tractors are used primarily in small land holdings like plantations, orchards, vineyards etc. The tyre is supplied to OEMs like Captain, Kubota, M&M and VST Tillers. ANNUAL REPORT 2019-2020 2 1953_MRF Annual Report 2020: w9 x 7 inch PASSENGER CAR TYRES OE FITMENTS MRF was at the forefront of OE fitment for BS VI ready vehicles with its range of high-tech tyres. MRF WANDERER STREET MRF Wanderer Street which delivers excellent performance both on and off road was chosen as original fitment for the Hyundai Venue, Kia Carnival, Maruti Brezza and Tata Nexon EV. MRF ZVTV MRF ZVTV engineered for comfort, handling and stability was chosen as original fitment for the new 2020 Honda City, Hyundai Grand i10 Nios and Aura, Maruti S-Presso, Renault Triber and the Tata Altroz. 3 ANNUAL REPORT 2019-2020 1953_MRF Annual Report 2020: w9 x 7 inch MRF MUSCLEZONE MRF MUSCLEZONE MRF continues to set benchmarks in tyre care and the newest retail brand which caters to the commercial tyre segment is the MRF Musclezone. A state-of-the-art service facility for commercial vehicles with services like wheel alignment, wheel balancing, nitrogen filling and many more. With the inauguration of new outlets in Sivakasi and Ahmednagar, there are currently 8 Musclezone outlets in the country. ANNUAL REPORT 2019-2020 4 1953_MRF Annual Report 2020: w9 x 7 inch PAINTS & COATINGS MRF Vapocure Paints closed the year with a volume growth of 11% and a value growth of 9% in a year which was truncated due to Covid-19. To complete our offerings in the wall finishes portfolio, the business launched economy wall finishes Campus Exterior Emulsion, Visa Interior Emulsion along with Economy Wall Primers for Exterior and Interior. SPECTA PU Enamel was also launched to satisfy the need for an enamel paint in the market. 258 Waterbased Tint Machines have been installed pan-India upto now and the plan is to speed up installations of more machines. “Paint Preview” services were launched for B2C customers along with “sampling” for wall finishes which helped convert sites. M-Circle, a dealer engagement program was launched for select dealers in the country. This program was introduced mainly to foster competitiveness, loyalty and speedy growth of channel partners. A new green field plant at Anambakkam near Chengalpet, Tamil Nadu is on the verge of completion and likely to commence commercial production from September 2020 with a capacity to produce 8,400 kl per annum of water-based paints. 5 ANNUAL REPORT 2019-2020 1953_MRF Annual Report 2020: w9 x 7 inch RACING AHEAD PROFIT BEFORE TAXATION RESERVES (` in crores) (` in crores) 3605.95 12000.11 10649.06 9599.96 8540.18 7156.97 2066.37 1608.89 1601.91 1338.89 1399.32 4513.40 1226.80 3640.90 893.65 833.12 2853.56 2293.53 534.66 1686.44 MAR MAR * * 2010 SEP 2011 SEP 2012 SEP 2013 SEP 2014 SEP 2010 SEP 2011 SEP 2012 SEP 2013 SEP 2014 SEP 2017 MAR 2018 MAR 2019 MAR 2020 MAR 2017 MAR 2019 MAR 2018 MAR 2020 MAR 2016 2016 *For the 18 months period ended 31.03.2016 ANNUAL REPORT 2019-2020 6 1953_MRF Annual Report 2020: w9 x 7 inch RACING AHEAD SALES NET WORTH (` in crores) (` in crores) 22162.04 12004.35 10653.30 9604.20 15837.00 15991.14 15181.05 8544.42 14749.40 13198.12 12131.16 7161.21 11870.18 9743.17 4517.64 7463.74 3645.14 2857.80 2297.77 1690.68 MAR MAR * * 2010 SEP 2011 SEP 2012 SEP 2013 SEP 2014 SEP 2010 SEP 2011 SEP 2012 SEP 2013 SEP 2014 SEP 2017 MAR 2018 MAR 2019 MAR 2020 MAR 2017 MAR 2018 MAR 2019 MAR 2020 MAR 2016 2016 *For the 18 months period ended 31.03.2016 7 ANNUAL REPORT 2019-2020 1953_MRF Annual Report 2020: w9 x 7 inch BOARD OF DIRECTORS K.M. MAMMEN Chairman & Managing Director ARUN MAMMEN Vice Chairman & Managing Director RAHUL MAMMEN MAPPILLAI Managing Director SAMIR THARIYAN MAPPILLAI Whole-Time Director VARUN MAMMEN Whole-Time Director ASHOK JACOB V. SRIDHAR VIJAY R. KIRLOSKAR RANJIT I. JESUDASEN Company Secretary Dr. SALIM JOSEPH THOMAS S. DHANVANTH KUMAR JACOB KURIAN Auditors SCA AND ASSOCIATES, Mumbai Dr. CIBI MAMMEN MAHESH, VIRENDER & SRIRAM, Hyderabad AMBIKA MAMMEN Registered Office: VIMLA ABRAHAM No.114, Greams Road, Chennai - 600 006. ANNUAL REPORT 2019-2020 8 1953_MRF Annual Report 2020: w9 x 7 inch Ten Year Financial Summary 2020 2019 2018 2017 2014-16 2014 2013 2012 2011 2010 ` Crores Sales 15991.14 15837.00 15181.05 14749.40 22162.04 13198.12 12131.16 11870.18 9743.17 7463.74 Other Income 330.50 417.47 328.50 328.61 321.17 65.08 29.03 32.01 25.31 18.11 Total Income 16321.64 16254.47 15509.55 15078.01 22483.21 13263.20 12160.19 11902.19 9768.48 7481.85 Profit before Taxation 1399.32 1608.89 1601.91 2066.37 3605.95 1338.89 1226.80 833.12 893.65 534.66 Provision for Taxation 4.34 512.02 509.63 615.29 1132.05 441.00 424.59 260.76 274.23 180.68 Profit after Taxation 1394.98 1096.87 1092.28 1451.08 2473.90 897.89 802.21 572.36 619.42 353.98 Share Capital 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 Reserves 12000.11 10649.06 9599.96 8540.18 7156.97 4513.40 3640.90 2853.56 2293.53 1686.44 Net Worth 12004.35 10653.30 9604.20 8544.42 7161.21 4517.64 3645.14 2857.80 2297.77 1690.68 Fixed Assets Gross 14132.66 10779.79 9027.88 7560.09 6306.56 6954.43 5834.14 5477.16 4874.07 3865.62 BOARD’S REPORT the Taxation Laws (Amendment) Ordinance, 2019.
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